Demand and quantity demanded There is a clear distinction between demand and quantity demanded; Furthermore, they have their significance in the economic arena. In economics, the term demand refers to the desire associated with purchasing a product that one can afford, meaning that the price must be within the consumer's fiscal range. Demand is also a combination of aspiration to own something, ability to pay for it, and willingness to repay. An example is the ability for citizens to pay for education and purchase basic food for staff. Quantity demanded (QD), on the other hand, refers to the entire number of goods demanded at a given time, for example, people purchasing 3000 laptops when the price is $500 (Baumol and Blinder, 2008). The QD depends on the value of the products, not considering the stability of the market. Substitutes and Complementary Products Substitutes are products that can replace each other and still gratify the desires that the intended product aimed to satisfy (McKenzie and Dwight, 2006). A notable example is butter and margarine, which serve the same purpose as consumers. Interestingly, changes in price of one product will have significant demand on the other. Complementary products refer to a set of goods that are consumed together. A single example is the printer and ink cartridges, which must be used together. Other examples include cameras and film, along with computers and Microsoft programs. The amplification of the price of a product will cause a decrease in the demand for its complement. The difference between demand and quantity demanded Understanding the difference between the two aspects is essential to avoid errors in economics. The question is used to test the market...... middle of paper......and another related product. Elasticity of demand is another fundamental aspect of demand since a proportional change in a factor affects the demand for a product. In economics there are price, income and cross elasticity of demand. Several factors influence the demand for a product and these include the weather, price expectations and the number of consumers in the market. Works Cited Baumol, William and Blinder A. (2008) Macroeconomics: Principles and Policy. 11th edition. Florence, Cengage Learning.McKenzie, Richard and Dwight R. (2006) In defense of monopoly: How market power fosters creative production. Michigan, University of Michigan PressMyers, D. (2004) Construction Economics: A New Approach. Oxford, Taylor and FrancisGwartney, James et al. (2008) Economy: private and public choices. Florence, Cengage Learning.